Global telemedicine market to grow at CAGR of 19%: 8 insights

The global telemedicine market is expected to grow at a compound annual growth rate of 19 percent between 2015 and 2019, according to a RNCOS report.

Here are eight insights:

1. In 2015, the global telemedicine market totaled $21 billion.

2. An increasing number of chronic diseases, rising adoption of telemedicine, increasing geriatric population, supporting government initiatives and decreasing number of physicians will spur market growth.   

3. Currently, telehospitals and teleclinics hold the largest market share, bringing in major revenue.

4. Within the telehospital segment, teleradiology holds the largest market share, due to use of technology for transferring medical reports.

5. The telemedicine market is divided into services, hardware, software and telecom and networking. The services segment holds the largest market share.

6. North America dominates the global telemedicine market, because of a high technology adoption rate and greater government support.

7. Asia Pacific will experience the greatest growth rate because of more companies entering the space.

8. McKesson, Philips Healthcare, GE Healthcare, Cerner, IBM, Honeywell Life Care Solutions, AMD Global Telemedicine, Cisco Systems and Medtronic lead the market.

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